For Immediate Release
Barbara Holzer (202) 588-7716; Jake Parent (202) 588-7779
Exit of SEC Chair Mary Schapiro Provides New Opportunity For Administration to Enhance Wall Street Reform
Watchdog Calls For a Tougher Agency Under More Aggressive Leadership
WASHINGTON - Today, Chairman Mary Schapiro announced her decision to leave the Securities and Exchange Commission (SEC). “President Obama should appoint an aggressive, tested, zealous consumer advocate to replace Mary Schapiro at the SEC,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division.
Following the greatest financial crisis in American history, with lawsuits detailing widespread scams and frauds in the securities markets, the SEC under Schapiro failed to prosecute any figure of note. “There’s no clearer method of changing the culture of avarice on Wall Street then a steady diet of ‘perp walks’ and profiles of Wall Street miscreants adapting to life in prison,” said Bart Naylor, Public Citizen’s financial policy advocate.
Schapiro also missed an opportunity to make progress on the critical rules required by statute to implement the Dodd-Frank Wall Street reform. “Rather than take advantage of the fullest powers Congress authorized, Schapiro’s SEC routinely favored industry positions. Worse, she left critical rules unwritten altogether,” said Gilbert. These include rules to reform high-flying executive pay plans that encourage casino-style gambling at taxpayer-guaranteed banks.
“President Barack Obama’s most direct path to realize his promise to ensure that Wall Street serves Main Street and consumers will be through a zealous chair of the SEC,” added Naylor. “Commissioner Elisse Walter will serve as chair until another is appointed, and ideally, the President will ultimately name a strong consumer advocate to that key role.”
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.